China not only currently faces the challenge of overhauling its economic growth model, but has an urgent need to reform its pension system as well. In particular, China’s rapidly ageing population fundamentally threatens the solvency of its main retirement scheme, the defined benefits, pay-as-you-go urban enterprise pension system. Ma Jun, chief economist at the People’s Bank of China, argues that unless the programme is fundamentally reformed, its unfunded liabilities will balloon from 18 trillion RMB in 2013 to 68 trillion by 2033. Professor Dong Keyong will discuss how China can address this looming crisis and the challenges and opportunities it poses for the government.

China not only currently faces the challenge of overhauling its economic growth model, but has an urgent need to reform its pension system as well. In particular, China’s rapidly ageing population fundamentally threatens the solvency of its main retirement scheme, the defined benefits, pay-as-you-go urban enterprise pension system. Ma Jun, chief economist at the People’s Bank of China, argues that unless the programme is fundamentally reformed, its unfunded liabilities will balloon from 18 trillion RMB in 2013 to 68 trillion by 2033. Professor Dong Keyong will discuss how China can address this looming crisis and the challenges and opportunities it poses for the government.

Professor Dong Keyong is Dean of the School of Public Administration, where he has taught labour economics, human resource management, and social security policy since 1995 and headed its Institute of Social Security. Professor Dong has published numerous scholarly articles and books on these subjects and serves on the editorial board of the “International Journal of Human Resurces Management” (UK).  He has taken a special interest in and acquired considerable expertise on Chinese pension reform, serving on the Advisory Board of the World Pension Summit, whose September 2015 meeting will be devoted to the theme of “Building Better Pensions”.

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